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Technology Stocks : E Loan Inc -EELN -- Ignore unavailable to you. Want to Upgrade?

To: Sr K who wrote (789)	1/27/2000 6:14:00 PM
From: Bob D	Read Replies (1) \| Respond to of 817

Looks Great! DUBLIN, Calif.--(BUSINESS WIRE)--Jan. 27, 2000--E-LOAN, Inc. (Nasdaq: EELN.O), (www.eloan.com), a leading online lending company, today announced financial results for the fourth quarter and year ended Dec. 31, 1999. Revenues for the fourth quarter of 1999 were $7.7 million, up 155 percent from the $3.0 million reported in the fourth quarter of 1998, and up 53 percent from the $5.0 million in revenues reported in the third quarter of 1999. Pro forma net loss for the fourth quarter of 1999 was $11.8 million or $0.28 per share on 41.6 million shares, compared with a pro forma net loss of $3.9 million or $0.12 per share on 33.0 million pro forma shares during the fourth quarter of 1998. Revenues for fiscal 1999 were $22.1 million, up 223 percent from $6.8 million reported for fiscal 1998. Pro forma net loss for 1999 was $39.9 million, or $1.08 per share on 36.9 million pro forma shares. This compares with a pro forma net loss of $9.9 million, or $0.37 per share on 27.2 million pro forma shares for fiscal year 1998. Pro forma results exclude non-cash charges, which include a compensation charge related to the company's stock option plan, amortization of goodwill on the acquisition of CarFinance.com, a one-time charitable contribution and a one-time gain on settlement of a dispute. Pro forma shares outstanding assume the conversion of preferred stock as if the conversion occurred at the beginning of the period or date of issuance, if later. During the quarter, purchase mortgage fundings grew to 63 percent of total mortgage fundings, an increase from just 4 percent of total mortgage revenues in the first quarter of 1999. This represented an increase of 1500 percent for the full year period. In addition, the auto portion of E-LOAN's product line contributed 32 percent of overall revenues during the fourth quarter. "We made great progress in 1999 to establish E-LOAN as a recognized leader in online consumer lending," said Chris Larsen, CEO of E-LOAN. "Key partnerships with companies such as H&R Block and the RE/MAX Realtor network should further establish E-LOAN as the provider of choice for online debt management. We continue to execute on our strategy to improve the loan process by fully developing our business model and offering the best value proposition to consumers." Conference Call E-LOAN will make its fourth quarter and year-end results conference call available to the general public. The call, hosted by Chris Larsen, CEO of E-LOAN, can be accessed by dialing 415-228-4952 at 1:30 p.m. (PT) today, Thursday, Jan. 27th. The replay will be available beginning today until Thursday, Feb. 3rd at 12:00 Midnight (PT). You may access the replay by dialing 402-530-7910, access code 6874612. This news release makes statements regarding E-LOAN's partnerships with H&R Block and the RE/MAX Realtor network, and to E-LOAN's continuing to execute on its strategy to improve the loan process that are forward-looking statements, involving a number of risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated in this news release include the possibility that the partnerships may not produce the results that the parties intend, and that increased competition may prevent E-LOAN from executing its strategy. Further information is detailed in E-LOAN's periodic filings with the Securities and Exchange Commission.